FedEx expects 'material' financial impact from Petya cyber attack

Shares of FedEx Corp.
FDX, +0.28%
fell 0.8% in premarket trade Monday, after the package delivery giant said it expects a "material" financial impact from the Petya cyber attack on its TNT Express business, as the systems that were affected may not be fully recovered. The company said it does not have cyber or other insurance in place that covers the attack. "Although we cannot currently quantify the amounts, we have experienced loss of revenue due to decreased volumes at TNT Express and incremental costs associated with the implementation of contingency plans and the remediation of affected systems," FedEx said in a statement. " In addition to financial consequences, the cyber-attack may materially impact our disclosure controls and procedures and internal control over financial reporting in future periods." The company said TNT Express customers are still experiencing widespread service delays. The stock has climbed 18.1% over the past three months through Friday, while the Dow Jones Transporation Average
DJT, +0.67%
has climbed 8.4% and the Dow Jones Industrial Average
DJIA, -0.05%
has gained 4.9%.

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